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When you give a typical computer a maze, it will go down Path A, then Path B, then Path C, and eventually, it will find the best available outcome. However, this is not the most efficient way to solve a maze; a quantum computer can go through every single outcome simultaneously and find the most efficient pathway more easily. The larger the maze becomes, the more time, value, and power a quantum computer can generate for its users. A quantum computer could solve a complex problem that might take a supercomputer one hundred years to solve in seconds.
While it’s still in its early development stages, quantum computing has plenty more use cases than just mazes. JPMorgan and Goldman Sachs have used quantum computing to set financial models, detect fraud, and explore all possibilities behind investment decisions in the financial industry. McKinsey says, “Quantum machine learning can allow decision makers to consider a broader set of variables and assets when simulating risks, reducing the cost of risk and facilitating larger deals with even higher margins.” They estimate that by 2035, quantum computing cases in the finance industry could create over USD 622 billion in value, spread over all dominant financial business units. Businesses like Honeywell use quantum computing to create a real-time processing analysis of demand data, traffic, and weather to make the most optimal route patterns. Google and IBM use quantum computing in healthcare to aid treatments for Alzheimer’s and cancer. Boston Consulting Group even says that this technology can enable more efficient chemical catalysts, which could result in a massive reduction in carbon emissions.
As the excitement around quantum computing builds, a global race to determine which nation becomes the face of quantum computing also begins. The United States maintains a decisive advantage over the rest of the world primarily due to its pre-existing infrastructure and continuous investment from major firms like Google, Microsoft, and IBM. The US has also upheld the National Quantum Initiative Act since 2018, which has accelerated quantum research and promises consistent investment from the government into this sector. It plays home to some of the academic research programs in the world that are looking specifically into the issue of making quantum computing more accessible to every business.
China is not far behind and has made significant progress in quantum communication, cryptography, and satellite technologies in recent years. They have strong private sector companies like Alibaba and Baidu, which receive heavy investment from private equity firms and the Chinese government. China funds a project called Micius, which is supposed to use quantum technology to create an ultra-encrypted communication platform that allows people to communicate freely and be informed of any eavesdropper listening in. China is outspending the US four to one in federal quantum technology investment and is steadily closing the technology gap. As China grows its national quantum network, the government claims to crave “quantum supremacy” as the space grows.
Quantum computing has the power to revolutionize the world entirely at unprecedented speeds. Use cases in industries such as finance, healthcare, and logistics scratch the surface of what this technology is capable of. As the industry grows, so does the battle between the US and China to see who can conquer the quantum market and address the critical questions that face the industry today.
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